FAQ Mayton Inn Jan11

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FAQ Mayton Inn

The citizen volunteers over at Cary Watch have been working hard to help us taxpayers understand the extent of an extravagant, unbridled public spending spree for the Mayton Inn.

They sent along these FAQs to help folks get a basic understanding of this “partnership” and their concerns over it.

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Q1: Why are the citizens concerned over the Mayton Inn?

A1: Money from Cary taxpayers is paying for about one-half the cost of a $12 million luxury boutique hotel. We will be subsidizing each guest staying in its $300 rooms. We should be very concerned.

 

Q2: Don’t you think the Town Council is investing your money wisely?

A2: We cannot find this out. The business case for this hotel has been sealed and classified as confidential by it owners and by the Town of Cary, blocking open disclosure to the public.

 

Q3: Has the Town Council protected our investment?

A3.1 The Town of Cary is also withholding from public review, the credit worthiness of the people receiving public funds, and their financial disclosures. So we do not know if our money is protected.

A3.2: The Town Council has not required any cash equity or other assets as collateral from the owners in return for the land, loans, buildings and site work being provided by the public.

A3.3: When this highly leveraged $300/night hotel fails financially, Cary taxpayers are last in a long line of creditors to collect.

 

Q4: Isn’t this yet another “Public Private Partnership”?

A4.1: State law requires open competitive bidding and solicitation of proposals when public money is given to private companies. The Mayton Inn deal appears to have been offered directly and exclusively to a Durham couple.

A4.2: State law requires taxpayers be protected from financial loss. Making us the hotel’s largest investor yet last in line to collect, does not meet that criteria.

 

Cary Watch has carefully complied the information and contracts behind this issue. Please contact them directly for more information and details. It is your money!

cash in pocket

 

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